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Your Mortgage Application was Denied!

So you applied for a mortgage... and your loan application was denied. How devastating! Yes, but keep your chin up and don’t stress — there’s hope yet for aspiring homeowners just like you.

Here’s what you can do to qualify for the loan the next time around:

1. Find out why you were denied.

Your loan officer should give you a definite answer as to why your application was turned down. Having this info will help you know what you need to do the next time.⁣

2. Check your credit report.

Pull your free credit report and make sure there aren’t any errors. ⁣

3. Pay down your debt.

Most lenders want to see a debt-to-income of less than 43%. Do what you can to come in under that number by paying off credit cards, student loans, and car payments.⁣

4. Shop around.

If you were denied a conventional loan, talk with your realtor or mortgage advisor about other loan products that may work with your financial profile. Don’t be afraid to speak with multiple lenders.⁣

If you’re looking to buy a home and have had trouble getting a loan, register for a consult on my website. I would love to listen, encourage, and get you back on the path to homeownership.

Vanessa Speight is Your Homebuying Coach, a multi-million dollar real estate sales producer. As a community advocate and formerly single mom, she holds an extremely special place in her heart for first-time homebuyers, especially those in underserved communities. She is wife to an active duty military service member and mother to four beautiful active boys.

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